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Explain why it is important to understand the different needs of the different stakeholder groups for each functional area

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  • In chart form, distinguish between these 3 segments of the accounting function, each of them along these 4 criteria:
    • The legal or regulatory bodies and guidelines that must be abided by.
    • Typical kinds of reports created and the stakeholders interested in each report.
    • Issues that, if not addressed properly, could land the company in trouble again.
    • The particular kinds of training/education that employees in each of these departments should have.
  • In paragraph form, explain why it is important to understand the different needs of the different stakeholder groups for each functional area